Compared to the previous quarter, Q2 2018 net absorption more than tripled and finished the quarter with 436,979 sq. ft.
The market-wide vacancy rate was flat quarter-over-quarter but Class A vacancy declined by 130 basis points compared to the previous quarter.
Market-wide asking rents increased across all classes. Class A rents increasing by $0.07 per sq. ft. to $4.50 per sq. ft., a new cycle record.
An 87,000 sq. ft. speculative project was delivered during the quarter, making the current product pipeline exclusively build-to-suit (BTS) developments. Two new BTS projects, totaling 75,000 sq. ft., broke ground in Q2 2018.